Exercise \&-25 (Algo) Compute Equivalent Units: FIFO Method (LO \&-1, 5) Kronk, Incorporated provides the following information concerning the work in process at its plant: - Beginning inventory was partially complete (materials are 100 percent complete, conversion costs are 10 percent complete) - Started this month, 75,000 units - Transferred out, 72,000 units - Ending inventory, 36,000 units (materials are 100 percent complete, conversion costs ate 60 percent complete) Required: a. Compute the equivalent units for materials using FIFO. b. Compute the equivalent units for conversion costs using FIFO